Zillow (Z) Reports Q1 Revenues Beat

Zillow (NASDAQ: Z)(NASDAQ: ZG) reported Q1 revenue for the quarter came in at $1.2 billion versus the consensus estimate of $1.1 billion.

Recent highlights include:

• Consolidated first-quarter revenue of $1.2 billion and revenue for each segment exceeded the high end of the company's outlook for the first quarter.
• Consolidated net income was $52 million for the first quarter. Segment income (loss) before income taxes was $144 million, $(58) million and $(2) million for the IMT, Homes and Mortgages segments, respectively, for the first quarter.
• First-quarter Adjusted EBITDA exceeded the high end of the company's outlook for all three segments, resulting in consolidated Adjusted EBITDA of $181 million.
• Traffic to Zillow Group's mobile apps and websites in the first quarter reached 221 million average monthly unique users, an increase of 15% year over year, driving 2.5 billion visits during the quarter, up 19% year over year.
• The company ended the first quarter of 2021 with cash and investments of $4.7 billion.

"Zillow's first-quarter results exceeded expectations and showed our momentum toward delivering a seamless, end-to-end real estate transaction," said Zillow Group co-founder and CEO Rich Barton. "Across the country, Millennials are moving up, Baby Boomers are downsizing, and in between, people of all generations are rethinking their lives in a cultural phenomenon we have termed the Great Reshuffling. Millions come to Zillow to surf and dream, and when they are ready to transact, they can get a mortgage from Zillow Home Loans, connect to a Zillow Premier Agent, and may even find an initial offer from Zillow Offers to buy their home for their Zestimate."

For earnings history and earnings-related data on Zillow (Z) click here.

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